Leonsis: 'We'll End Up Buying' the Wizards
Ted Leonsis
Leonsis said definitively that his company, Lincoln Holdings, would eventually own the Wizards, though he did end up softening the statement by repeatedly stressing his respect for the Pollin family. "It's my intention and expectation that everything is going to work out fine and that it will be done the right way and that we'll own the Caps and the Wizards and the building," said Leonsis.
There has been little news on the potential sale since the first round of negotiations failed to produce an agreement at the end of January. Leonsis currently owns 44 percent of the Wizards franchise, while the family of the late Abe Pollin, who died in November, owns a 56 percent majority stake. The sides are thought to be $100 million apart in their valuation of a package that includes the Wizards, Verizon Center, and the local Ticketmaster franchise. And while Leonsis maintains that he still holds exclusive rights to purchase the team, the Pollin estate has asserted their right to place the franchise on the open market where Leonsis could match any offer they received.
Leonsis said he has already offered the Pollins one of the highest prices ever offered for an NBA team. The next step is a joint appraisal process.
A Wizards sale to Leonsis would be music to many Washingtonian ears. The beloved owner has made a mark on the city with his accessibility, joviality, and perhaps above all, the product he's put on the Verizon Center ice. The Wizards, with their near-worst league record, a franchise star suspended for the season and a massive rebuilding job already underway, are in need of a total revamping -- and if anything, Leonsis has a proven ability to turn a franchise around.
"We'll pay appropriate homage to Mr. Pollin and his family and go forward and they deserve that," Leonsis assured. "They have earned that. And at the same time I have to put my stamp on it as well. So I'm hopeful that some of the stuff that I've learned and the partners and the community that we have -- the intention will be to build off of that legacy. I want to win a championship in the NBA, as well. I have to be respectful of the process, but I've never wavered on my intention of buying the [share] that we don't own, and I believe that will happen."